California billionaire tax: Thiel donates $3M to group opposing it

Tech titan Peter Thiel has injected $3 million into a California group opposing a proposed 5% wealth tax on billionaires. This one-time tax targets California residents with assets exceeding $1 billion. The move signals a significant early financial backing for the campaign against the “2026 Billionaire Tax Act,” with other tech leaders also expressing concerns and considering relocation.